HSBC sells US loan book for $3.2bn

City A.M. Reporter
HSBC has agreed to sell two portfolios of consumer loans in the US for $3.2bn (£2.1bn) in cash as part of a strategy to slim down its US operations.

Europe’s biggest bank has been looking to sell more than $6bn worth of US mortgages and other personal loans as part of an accelerated rundown of its troubled US loans book. HSBC said yesterday that its HSBC Finance division is selling its personal unsecured loan and personal homeowner loan portfolios to Springleaf Finance and Newcastle Investment.

The assets were valued by HSBC at around $3.4bn at the end of 2012.